IHS Holding Ltd (IHS) 2024 Q4 法說會逐字稿

Good day, and welcome to the IHS Holding Limited fourth quarter and full year 2024 earning results call for the three-month and four-year periods ended December 31, 2024. Please note that today's conference is being webcast and recorded. (Operator Instructions)

大家好，歡迎參加 IHS Holding Limited 2024 年第四季和全年獲利業績電話會議，會議內容涵蓋截至 2024 年 12 月 31 日的三個月和四年期間。請注意，今天的會議正在進行網路直播和錄製。（操作員指令）

At this time, I'd like to turn the conference over to Robert Berg. Please go ahead, sir.

現在，我想將會議交給羅伯特·伯格。先生，請繼續。

Thank you, operator. Thanks to everyone for joining the call today. I'm Robert Berg, Head of Investor Relations here at IHS. With me today are Sam Darwish, our Chairman and CEO; and Steve Howden, our CFO.

謝謝您，接線生。感謝大家今天參加電話會議。我是 IHS 投資者關係主管羅伯特伯格 (Robert Berg)。今天與我在一起的有我們的董事長兼首席執行官 Sam Darwish；以及我們的首席財務官史蒂夫·豪登 (Steve Howden)。

This morning, we filed our annual report on Form 20-F for the full year ended December 31, 2024, with the SEC, which can also be found on the Investor Relations section of our website and issued a related earnings release, presentation, and supplemental deck. These are the consolidated results of IHS Holding Limited, which is listed on the New York Stock Exchange under the ticker symbol, IHS, and which comprises the entirety of the group's operations.

今天上午，我們向美國證券交易委員會提交了截至 2024 年 12 月 31 日的全年 20-F 表年度報告，該報告也可在我們網站的投資者關係部分找到，並發布了相關的收益報告、演示文稿和補充文件。這是 IHS Holding Limited 的綜合業績，該公司在紐約證券交易所上市，股票代號為 IHS，涵蓋了該集團的全部業務。

Before we discuss the results, I would like to draw your attention to the disclaimer set out at the beginning of the presentation on slide 2, which should be read in full along with the cautionary statements regarding forward-looking statements set out in our earnings release and 20-F filed as well today.

在我們討論結果之前，我想提請您注意幻燈片 2 上簡報開頭的免責聲明，您應該完整閱讀該免責聲明以及我們今天提交的收益報告和 20-F 中關於前瞻性陳述的警告聲明。

In particular, the information to be discussed may contain forward-looking statements, which, by their nature, involve known and unknown risks, uncertainties, and other important factors, some of which are beyond our control, that are difficult to predict, and other factors which may cause actual results, performance, or achievements or industry results to be materially different from any future results, performance, or achievements or industry results expressed or implied by such forward-looking statements, including those discussed in the risk factors section of our Form 20-F filed today with the Securities and Exchange Commission and other filings with the SEC.

特別是，將要討論的資訊可能包含前瞻性陳述，這些陳述本質上涉及已知和未知的風險、不確定性和其他重要因素，其中一些因素超出我們的控制範圍且難以預測，以及其他可能導致實際結果、業績、成就或行業結果與此類前瞻性陳述表達或暗示的任何未來結果、業績、成就或行業結果存在重大差異的因素，包括我們今天向美國證券交易委員會提交給美國證券交易委員會的因素。

We'll also refer to non-IFRS measures, including adjusted EBITDA that we view as important in assessing the performance of our business, and ALFCF that we view as important in assessing the liquidity of our business. Our reconciliation of non-IFRS metrics to the nearest IFRS metrics can be found in our earnings presentation, which is available on the Investor Relations section of our websites.

我們也將參考非國際財務報告準則的指標，包括我們認為在評估業務績效時重要的調整後 EBITDA，以及我們認為在評估業務流動性時重要的 ALFCF。您可以在我們的收益報告中查看非國際財務報告準則指標與最接近的國際財務報告準則指標的對帳表，該報告可在我們網站的「投資者關係」部分找到。

And with that, I'd like to turn the call over to Sam Darwish, our Chairman and CEO.

接下來，我想將電話轉給我們的董事長兼執行長 Sam Darwish。

Thanks, Robert, and welcome, everyone, to our fourth quarter and full year 2024 earnings results call. We're reporting a strong performance in 2024, ending the year on a high with a strong Q4. Our key metrics revenue adjusted EBITDA and ALFCF, all coming in ahead of our guidance, while CapEx was below expectations, and we saw a drop in our consolidated net leverage ratio.

謝謝羅伯特，歡迎大家參加我們的 2024 年第四季和全年收益結果電話會議。我們報告 2024 年業績強勁，並以強勁的第四季為今年畫下圓滿句點。我們的關鍵指標收入調整後的 EBITDA 和 ALFCF 都超出我們的預期，而資本支出低於預期，且我們的合併淨槓桿率有所下降。

Our positive momentum reflects the continued strong secular trends we are seeing across our business, a more stable macroeconomic environment, strong operational focus, as well as the significant commercial and financial progress we have made during 2024 as part of our ongoing strategic review. I'll go into more details on these important drivers on the next slide.

我們的積極動能反映了我們在整個業務中看到的持續強勁的長期趨勢、更穩定的宏觀經濟環境、強大的營運重點，以及我們在 2024 年作為持續策略審查的一部分所取得的重大商業和財務進展。我將在下一張投影片中更詳細地介紹這些重要驅動因素。

Looking at our revenue, we saw 48% organic growth, driven by 6.5% constant currency growth, as well as a significant benefit from our ForEx resets and power indexation, which play a vital role in helping to offset the currency devaluation we face during the year. As you can see from the slide, this was above our guidance range and was aided by 9.2% constant currency growth in the fourth quarter of 2024 compared to the fourth quarter of 2023, driven by growth in revenue from colocation, lease amendments, and new sites.

從我們的收入來看，我們看到了 48% 的有機成長，這得益於 6.5% 的固定匯率成長，同時，我們的外匯重置和實力指數化也帶來了顯著的好處，這些對於幫助抵消我們今年面臨的貨幣貶值發揮了至關重要的作用。從幻燈片中可以看出，這高於我們的指導範圍，並且得益於 2024 年第四季度與 2023 年第四季度相比 9.2% 的固定匯率增長率，這得益於主機託管、租約修訂和新站點的收入增長。

We continue to benefit from strong structural trends with growth underpinned by continued 5G deployment across our markets and importantly, macroeconomic stabilization within our largest market, Nigeria.

我們繼續受益於強勁的結構性趨勢，成長得益於我們整個市場持續的 5G 部署，以及最重要的，我們最大的市場尼日利亞的宏觀經濟穩定。

Turning to profitability. Our adjusted EBITDA reached $928 million in 2024, with a margin of 54.3%, up 100 basis points compared to 2023. Again, this came in ahead of our guidance on the back of strong momentum in Q4, where we achieved a 56.3% margin. This performance against the backdrop of the macroeconomic headwinds we have been navigating highlights the resilience of our financial model, the strength of our current structures, and our continued financial discipline.

轉向盈利能力。我們的調整後 EBITDA 在 2024 年達到 9.28 億美元，利潤率為 54.3%，比 2023 年上升 100 個基點。再次，由於第四季度的強勁勢頭，我們的利潤率達到了 56.3%，這一數字超出了我們的預期。在我們面臨宏觀經濟逆風的背景下，這一表現凸顯了我們財務模式的彈性、我們當前結構的實力以及我們持續的財務紀律。

We are pleased with our ALFCF generation during the year which at $304 million was also ahead of guidance and was driven by operational performance and ongoing CapEx optimization. As I will discuss shortly, we continue to focus on our balance sheet, with our net leverage at 3.7 times at the end of 2024, falling from 3.9 times at the end of Q3 2024. We carried out a number of significant refinancings through the year, which pushed out our maturities and shifted more of our debt into local currency.

我們對本年度的 ALFCF 生成感到滿意，其達到 3.04 億美元，也高於預期，這得益於營運績效和持續的資本支出優化。正如我稍後將討論的那樣，我們繼續關注我們的資產負債表，我們的淨槓桿率在 2024 年底為 3.7 倍，低於 2024 年第三季末的 3.9 倍。我們全年進行了多次重大再融資，延長了債務到期日，並將更多債務轉換為當地貨幣。

As part of our strategic review, we received disposal proceeds from the sale of our Kuwait operations in December 2024, which we sold at 14.2 adjusted EBITDA after leases, and we will look to continue to earmark excess cash for further debt repayments.

作為我們策略審查的一部分，我們於 2024 年 12 月獲得了出售科威特業務的處置收益，我們以 14.2 的租賃後調整後 EBITDA 出售該業務，我們將繼續撥出多餘的現金用於進一步償還債務。

We are comforted that since the Q1 2024 significant naira devaluation in Nigeria, we have seen the naira strengthening on good US dollar availability, enabling us to source an upstream $271 million from Nigeria alone in 2024. In addition to the solid financial performance, we have made significant progress through 2024 across a number of our strategic initiatives.

令我們感到欣慰的是，自 2024 年第一季尼日利亞奈拉大幅貶值以來，我們看到奈拉因美元供應充足而走強，這使我們能夠在 2024 年僅從尼日利亞就獲得 2.71 億美元的上游資金。除了穩健的財務表現外，到 2024 年，我們的多項策略舉措也取得了重大進展。

Let's turn to slide 6 to look at some of the highlights. In May 2024, we outlined some initial objectives of our strategic review, all aimed at creating shareholder value. These included: one, increasing our profitability and substantially reducing our CapEx to increase cash flow generation; two, continuing to review our portfolio of markets with a target of raising $500 million to $1 billion; and three, capital allocation of excess cash flow following the implementation of these strategic initiatives was expected to be primarily utilized to reduce debt, and we will also consider share buybacks and/or introducing a dividend policy.

讓我們翻到第 6 張投影片來看看一些亮點。2024 年 5 月，我們概述了策略審查的一些初步目標，所有這些目標都是為了創造股東價值。其中包括：一、提高獲利能力並大幅削減資本支出以增加現金流；二、繼續審查我們的市場組合，目標是籌集 5 億至 10 億美元；第三，預計實施這些戰略舉措後，資本配置中的過剩現金流將主要用於減少債務，我們還將考慮回購股票和/或引入股息政策。

During the year, we have delivered on numerous elements of our strategic review, pushing to unlock shareholder value versus what we believe is our existing suppressed valuation. We believe we have made strong commercial progress, an important area for us in terms of improving the financial profile of the business while also enabling us to continue to de-risk our future cash flows. We have extended commercial contracts with key customers into the next decade, including all our MTN MLAs covering over 25,000 tenancies up to 2032 or beyond, in addition to the extension of our Airtel Nigeria MLA to 2031. This draws a line under a series of successful customer renewals.

這一年，我們完成了策略評估的眾多要素，努力釋放股東價值，而不是我們認為目前被壓低的估值。我們相信我們已經取得了巨大的商業進展，這對於我們改善業務財務狀況來說是一個重要領域，同時也使我們能夠繼續降低未來現金流的風險。我們已與主要客戶將商業合約延長至未來十年，包括所有 MTN MLA，涵蓋至 2032 年或以後的 25,000 多個租約，此外還將 Airtel Nigeria MLA 延長至 2031 年。這為一系列成功的客戶續約劃上了句點。

The result of this significant commercial progress is that we have recently renewed or extended 72% of our group revenue, which we believe markedly improves our financial profile and visibility. Our average tenant term now sits at 7.8 years, and we have increased our contracted revenue to $11.9 billion.

這項重大商業進展的結果是，我們最近恢復或擴大了 72% 的集團收入，我們相信這顯著改善了我們的財務狀況和知名度。我們的平均租戶期限目前為 7.8 年，我們的合約收入已增加至 119 億美元。

We are also reassured by the improving backdrop within our largest market, Nigeria. In January, Nigeria's telecom regulator, the NCC, approved a 50% increase in tariffs for mobile network carriers, the first tariff adjustment in 12 years. These increases will support the ability of our carrier customers to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality and greater coverage.

我們最大的市場尼日利亞的情況正在改善，這也讓我們感到欣慰。今年1月，尼日利亞電信監管機構NCC批准將行動網路營運商的資費提高50%，這是12年來首次調整資費。這些成長將支持我們的營運商客戶繼續投資於基礎設施和創新，最終透過改善服務和連接（包括更好的網路品質和更大的覆蓋範圍）使消費者受益。

Through a number of initiatives, we have de-risked our operating model by materially reducing our exposure to power prices, with the expectation that this would result in reduced volatility of our earnings. Through our contract renewals, we have moved the significant majority of our business to either power pass-through like in South Africa or power indexation like in Nigeria, closer allowing our operating model to the steel and glass model in more developed countries.

我們透過一系列舉措，大幅降低了電價風險，從而降低了我們的營運模式的風險，希望此舉能降低我們的獲利波動性。透過續約合同，我們將絕大部分業務轉移到了南非的電力直通業務或尼日利亞的電力指數化業務，使我們的營運模式更接近於已開發國家的鋼鐵和玻璃模式。

As I have already highlighted, our 2024 financial performance highlights the progress we have made towards our goal of increasing adjusted EBITDA and substantially reducing our CapEx to increase cash flow generation, with over $300 million of ALFCF generated in 2024 despite significant ForEx headwinds. In addition to our continued cost discipline and narrowed focus on capital allocation, we will benefit from a reduction in withholding tax rates in Nigeria. Effective from January 1, 2025, amounts withheld by customers in Nigeria which are paid to the IFRS were reduced from 10% to 2%, and we expect this to be significantly supportive to our cash flow generation in 2025 and going forward.

正如我已經強調的那樣，我們 2024 年的財務業績凸顯了我們在實現增加調整後 EBITDA 和大幅削減資本支出以增加現金流產生的目標方面所取得的進展，儘管外匯面臨巨大阻力，但 2024 年仍產生了超過 3 億美元的 ALFCF。除了繼續嚴格控製成本並更加重視資本配置之外，我們還將受益於尼日利亞預扣稅率的降低。自 2025 年 1 月 1 日起，尼日利亞客戶扣繳並按照 IFRS 支付的金額從 10% 降至 2%，我們預計這將對我們 2025 年及以後的現金流產生提供極大支持。

We also continue to assess groupwide costs, CapEx structures, and new ways to operate our networks, including how we can introduce more technology, especially artificial intelligence, into our ways of working to help us realize future efficiencies.

我們也持續評估整個集團的成本、資本支出結構以及營運網路的新方法，包括如何在我們的工作方式中引入更多技術，尤其是人工智慧，以幫助我們實現未來的效率。

Steve will discuss our financial performance and 2025 guidance in more depth later in this call. But to summarize, we are pleased with the progress we have made. And our 2025 guidance implies a continuation of these trends with continued organic revenue growth and a further step up in adjusted EBITDA margin and ALFCF generation, notwithstanding the disposal of our Kuwaiti business.

史蒂夫將在稍後的電話會議中更深入地討論我們的財務表現和 2025 年指引。總而言之，我們對所取得的進展感到滿意。我們的 2025 年指引意味著這些趨勢將繼續延續，儘管我們已出售科威特業務，但有機收入仍將繼續增長，調整後的 EBITDA 利潤率和 ALFCF 生成將進一步提升。

Moving to our balance sheet. We continue to take a disciplined approach to capital deployment, recognizing the importance of maintaining a strong balance sheet. We made important moves during the year in line with our strategic priorities to extend our debt maturity profile and shift more of our debt into local currency. This was evidenced in Q4 when we refinanced $1.6 billion of our debt to the issuance of new senior notes and a new term loan. We remain comfortable with our cash and liquidity position, with over $900 million of available liquidity at the end of 2024.

前往我們的資產負債表。我們繼續採取嚴謹的方法進行資本配置，並認識到維持強勁資產負債表的重要性。我們根據策略重點，在今年採取了重要舉措，延長債務期限，並將更多債務轉換為當地貨幣。這在第四季度得到了證實，當時我們透過發行新的優先票據和新的定期貸款對 16 億美元的債務進行了再融資。我們的現金和流動性狀況仍然令人滿意，截至 2024 年底，可用流動資金超過 9 億美元。

During the year, we made significant enhancements to our governance. The proposals to amend the company's articles of association were approved by shareholders at the AGM held in June. The voting results marked a significant achievement for IHS, better aligning our governance framework with that of mature US-listed companies.

這一年，我們的治理取得了重大進展。修改公司章程的提案已於六月召開的股東週年大會上獲得股東批准。投票結果標誌著 IHS 取得了重大成就，使我們的治理框架與成熟的美國上市公司的治理框架更加一致。

As part of our strategic review, we committed to examining our portfolio of markets to determine the right composition for IHS going forward. In December, we completed the disposal of our 70% stake in IHS Kuwait to Zain Kuwait with an enterprise value of $230 million that we believe highlights the significant value contained within the component parts of our wider portfolio. This comes on top of the sale of our Peru business earlier in the year. Our current footprint stands 8 markets across two continents can be seen on slide 7. Our disposal work remains in progress as we continue with the target of raising $500 million to $1 billion.

作為我們策略審查的一部分，我們致力於審查我們的市場組合，以確定 IHS 未來發展的正確組合。12 月，我們完成了將所持有的 IHS Kuwait 70% 的股份出售給 Zain Kuwait 的交易，企業價值為 2.3 億美元，我們認為此舉凸顯了我們更廣泛投資組合組成部分所蘊含的巨大價值。這是我們今年稍早出售秘魯業務之後做出的決定。我們目前的業務範圍遍佈兩大洲的 8 個市場，如幻燈片 7 所示。我們的處置工作仍在進行中，我們將繼續實現籌集 5 億至 10 億美元的目標。

As previously indicated, excess cash following implementation of our strategic initiatives is expected to be primarily used to reduce debt while also considering share buybacks and/or introducing a dividend policy.

如前所述，實施策略性措施後產生的剩餘現金預計主要用於減少債務，同時考慮回購股票和/或引入股利政策。

So to summarize, on slide 8, after a strong fourth quarter performance, we ended 2024 with financial results ahead of guidance, leverage reducing, asset disposals underway, shareholder rights improved, and with the dearest commercial and operating business model. We have made significant progress towards our strategic goals, but there is more work to do.

總而言之，在第 8 頁，在第四季度表現強勁之後，我們在 2024 年結束時的財務業績超出預期，槓桿率降低，資產處置正在進行中，股東權利得到改善，並且擁有最親愛的商業和運營業務模式。我們在實現策略目標方面已經取得了重大進展，但仍有許多工作要做。

Looking to 2025 and beyond, we remain focused on further enhancing our profitability and cash flow generation, as can be seen in our 2025 guidance. We are committed to further strengthening our balance sheet, supported by further select asset disposals aiming to deliver increasing returns for all our shareholders. We remain excited by the strong structural growth opportunities across our footprint and believe we are well placed to leverage our market leading positions to support growing demand for our critical communications infrastructure, with growth underpinned by continued 5G deployment across our larger markets. An improving backdrop with our largest market in Nigeria after recent carrier tariff rate increases and an improving macroeconomic position continues to help.

展望 2025 年及以後，我們將繼續專注於進一步提高獲利能力和現金流創造，這在我們的 2025 年指引中可以看出。我們致力於進一步加強我們的資產負債表，並透過進一步選擇性資產處置來支持，旨在為所有股東帶來越來越多的回報。我們對我們的業務範圍內強勁的結構性成長機會感到興奮，並相信我們有能力利用我們的市場領先地位來支持對我們關鍵通訊基礎設施日益增長的需求，而我們在更大的市場中持續的 5G 部署將支撐我們的成長。由於近期承運商運價上調以及宏觀經濟狀況改善，我們最大的市場在尼日利亞，情況不斷改善，這繼續對我們有所幫助。

And with that, I'll turn the call over to Steve.

說完這些，我會把電話轉給史蒂夫。

Thanks, Sam, and hello, everyone. Turning to slide 10. Here, we show our full year '24 and fourth quarter '24 performance. Our results came in better than expected against a challenging but improving macroeconomic environment in Nigeria, where we saw higher levels of stability in the latter part of the year.

謝謝，山姆，大家好。翻到第 10 張投影片。這裡我們展示了我們24年全年和24年第四季的業績。儘管尼日利亞的宏觀經濟環境充滿挑戰但正在改善，但我們的業績優於預期，並在下半年實現了更高的穩定水平。

As we look at the results, please note, the year-over-year comparisons are in some cases impacted by the Kuwait disposal that closed in December 2024, and we've called these out where relevant. In terms of the results, both towers and tenants are down approximately 2% and 1% respectively year over year, while lease amendments increased by high single-digit percentages. Both tower and tenant figures would have grown year-on-year in the absence of the Kuwait disposal.

當我們查看結果時，請注意，同比比較在某些情況下受到 2024 年 12 月完成的科威特處置的影響，我們已在相關位置標註了這些影響。從業績來看，塔樓和租戶數量較去年同期分別下降約 2% 和 1%，而租約修訂則以高個位數百分比成長。如果沒有科威特業務的出售，塔樓和租戶數量都會比去年同期成長。

On a reported basis in the fourth quarter, revenue declined by approximately 14% year-on-year, impacted by the very different FX environment versus the fourth quarter of 2023 and the new financial terms with MTN Nigeria but increased 4.2% compared to the third quarter of 2024.

據報道，第四季營收年減約 14%，受與 2023 年第四季相比外匯環境截然不同以及與 MTN 奈及利亞簽訂的新財務條款的影響，但與 2024 年第三季相比成長了 4.2%。

As a reminder, naira average FX rate to the dollar was NGN815 in the fourth quarter of 2023 and was NGN1,629 in the fourth quarter of 2024. Adjusted EBITDA was down 10% year-on-year, but adjusted EBITDA margin was up 250 basis points, reflecting our continued cost control and the resilience of our financial model. Fourth quarter of 2024 adjusted EBITDA was in line with third quarter adjusted EBITDA.

提醒一下，2023 年第四季奈拉兌美元的平均匯率為 815 奈拉，2024 年第四季為 1,629 奈拉。調整後 EBITDA 年比下降 10%，但調整後 EBITDA 利潤率上升 250 個基點，反映了我們持續的成本控制和財務模型的彈性。2024 年第四季調整後 EBITDA 與第三季調整後 EBITDA 一致。

Meanwhile, ALFCF declined by almost 9%, impacted by similar factors affecting revenue and adjusted EBITDA in addition to the higher interest costs following our bond refinancing in November. Fourth quarter of 2024 ALFCF increased again by 23% versus third quarter of 2024 ALFCF. Our level of CapEx investment decreased by 37% in the quarter and 56% for the year, largely driven by the pullback in CapEx across all segments as we continue to focus on improving cash generation.

同時，ALFCF 下降了近 9%，受到影響收入和調整後 EBITDA 的類似因素的影響，以及 11 月債券再融資後更高的利息成本的影響。2024 年第四季的 ALFCF 與 2024 年第三季的 ALFCF 相比再次成長了 23%。我們的資本支出水準在本季下降了 37%，全年下降了 56%，這主要是由於我們繼續專注於提高現金創造能力，導致所有部門的資本支出均有所回落。

Finally, our consolidated net leverage ratio increased year-on-year to 3.7 times at the end of the year. Having peaked at 3.9 times in the second quarter and third quarter of 2024, it is now delevered 0.2 times from third quarter to the end of the year, which obviously includes the impact of the Kuwait disposal.

最後，我們的合併淨槓桿率在年底年增至3.7倍。在 2024 年第二季和第三季達到 3.9 倍的峰值後，目前從第三季到年底的槓桿率為 0.2 倍，其中顯然包括科威特處置的影響。

Slide 11 shows the components of our fourth quarter 2024 revenue on a consolidated basis, where you can see how the naira devaluation in particular turned a quarter of strong organic and constant currency growth into a 14% decline. The naira devalued 50% in Q4 '24 versus Q4 '23, yet the business delivered organic revenue growth of 39%, driven primarily by FX resets, power, CPI escalators, and lease amendments.

投影片 11 顯示了我們 2024 年第四季綜合收入的組成部分，您可以看到奈拉貶值如何使本季強勁的有機和持續貨幣成長轉變為 14% 的下降。與 2023 年第四季相比，2024 年第四季奈拉貶值了 50%，但該業務的有機收入仍成長了 39%，主要原因是外匯重置、電力、CPI 升級和租約修訂。

And from a constant currency perspective, revenue grew over 9%, driven primarily by CPI escalations, new lease amendments, and new colocations, so positive signs of the fundamental underlying tenancy growth continuing across our key markets. The right side of the page shows the organic growth rates of each of our segments for the quarter, where our Nigeria segment grew approximately 62%, obviously including a large benefit from the FX resets.

從固定匯率角度來看，營收成長超過 9%，主要原因是消費者物價指數 (CPI) 上漲、新的租約修訂以及新的主機託管，因此，我們主要市場的基本租戶成長呈現積極跡象。頁面右側顯示了本季我們各部門的有機成長率，其中尼日利亞部門成長了約 62%，這顯然包括外匯重置帶來的巨大收益。

Slide 12 shows the full-year version of our growth bridge, highlighting the FX impact again, but also the contractual protections of CPI escalators and FX resets that help to partly mitigate the FX volatility.

投影片 12 展示了我們成長橋的全年版本，再次強調了外匯的影響，同時也強調了 CPI 自動調整和外匯重置的合約保護有助於部分緩解外匯波動。

On slide 13, you can see our consolidated revenue, adjusted EBITDA, and adjusted EBITDA margins for the fourth quarter and for the year 2024, as we've already discussed and highlighting that our results beat our guidance across these metrics. Specifically in the fourth quarter of 2024, adjusted EBITDA of $246 million and adjusted EBITDA margin of 56.3% continues the trend of higher margins post our first-quarter dip from that naira devaluation.

在投影片 13 上，您可以看到我們第四季度和 2024 年的綜合收入、調整後的 EBITDA 和調整後的 EBITDA 利潤率，正如我們已經討論過的，並強調我們的結果超出了這些指標的預期。具體來說，在 2024 年第四季度，調整後的 EBITDA 為 2.46 億美元，調整後的 EBITDA 利潤率為 56.3%，延續了第一季奈拉貶值後利潤率走高的趨勢。

Onto slide 14, on adjusted levered free cash flow. In the fourth quarter of 2024, we generated ALFCF of $107 million. That's a 9.3% decrease versus the fourth quarter of 2023. This was primarily due to the decrease in adjusted EBITDA and an increase in interest costs following our November bond refinancing, partially offset by a decrease in revenue withholding tax. ALFCF cash conversion rate was 43.5%. Again, though, I'd like to note the positive progression of ALFCF and its conversion rate through the quarters of 2024. For the full year, we generated ALFCF of $304 million, and our ALFCF cash conversion rate was 32.8%.

請參閱第 14 張投影片，內容是調整後的槓桿自由現金流。2024 年第四季度，我們產生了 1.07 億美元的 ALFCF。與 2023 年第四季相比，下降了 9.3%。這主要是由於 11 月債券再融資後調整後的 EBITDA 下降和利息成本增加，但部分被收入預扣稅的減少所抵消。ALFCF現金轉換率為43.5%。不過，我再次想指出 ALFCF 及其轉換率在 2024 年各季度的正面進展。全年我們創造了 3.04 億美元的 ALFCF，我們的 ALFCF 現金轉換率為 32.8%。

Onto CapEx. And fourth quarter '24 CapEx of $83 million decreased 37% year-on-year and full-year CapEx of $256 million decreased by 56%, continuing the trends that we've seen over recent quarters. The decrease in the full-year CapEx was driven by lower expenditure across all of our segments. The decrease in Nigeria, primarily driven by reductions related to Project Green, given the investment in that project is largely complete.

進入資本支出。24 年第四季的資本支出為 8,300 萬美元，年減 37%，全年資本支出為 2.56 億美元，年減 56%，延續了最近幾季的趨勢。全年資本支出的下降是由於我們所有部門的支出減少。尼日利亞的減少主要由於與綠色項目相關的減少，因為該項目的投資已基本完成。

In Sub-Saharan Africa, primarily driven by a decrease in refurbishment CapEx and the reduction in LatAm CapEx driven by decreases related to fiber and new site CapEx, although we still retain a healthy level of new site build in Brazil.

在撒哈拉以南非洲地區，主要由於翻新資本支出減少以及拉丁美洲資本支出減少，後者受光纖和新站點資本支出減少的影響，儘管我們在巴西的新站點建設仍保持了健康的水平。

On the segment review, on to slide 15. I'll start as usual with Nigeria. In November, the Central Bank of Nigeria introduced the Payment System Vision 2025. That's a strategic roadmap for the Nigeria payment systems as CBN aims to continue enhancing its financial transparency.

關於片段回顧，請參閱第 15 張投影片。像往常一樣，我首先從尼日利亞開始。11月，尼日利亞中央銀行推出了「2025支付系統願景」。這是尼日利亞支付系統的策略路線圖，尼日利亞央行的目標是繼續提高其財務透明度。

In November, the Monetary Policy Committee increased interest rates by 25 basis points, bringing the MPR to 27.5%. That's a total of six rate hikes during 2024. These actions appear to have had a positive impact again on Nigeria's FX market, with the currency appreciating in December and more recently into Q1 2025.

11月份，貨幣政策委員會將利率提高25個基點，使貨幣政策利率達到27.5%。這意味著 2024 年期間總共升息六次。這些舉措似乎再次對尼日利亞外匯市場產生了積極影響，該貨幣在 12 月以及最近的 2025 年第一季均有所升值。

We've seen an increase in US dollars in Nigeria, and FX reserves in the country have again increased to $40.9 billion at the end of December 2024, up from $38.4 billion at the end of September 2024. And since the FX environment adjusted in Q1, we've been able to continue upstreaming. We've upstreamed $271 million to the group during the year from Nigeria alone.

我們看到尼日利亞的美元增加，該國的外匯存底從 2024 年 9 月底的 384 億美元再次增加到 2024 年 12 月底的 409 億美元。自從第一季外匯環境調整以來，我們已經能夠繼續向上游發展。今年，光是尼日利亞方面我們就向該集團匯入了 2.71 億美元。

Most recently, the National Bureau of Statistics re-based Nigeria's Consumer Price Index, bringing January 2025 headline inflation rate to 24.5% versus the 34.8% in December of 2024. And then most recently, in February of this year 2025, the NPC held the policy rates steady at 27.5% for the first time in six meetings and reaffirmed they remained focused on creating price stability in the country. So continued macroeconomic progress, but obviously, more work still to be done.

最近，國家統計局重新調整了尼日利亞消費者物價指數，將 2025 年 1 月的整體通膨率從 2024 年 12 月的 34.8% 提高到 24.5%。最近，在今年 2025 年 2 月，全國人大六次會議中首次將政策利率維持在 27.5% 不變，並重申他們仍致力於實現國內價格穩定。宏觀經濟將繼續取得進展，但顯然還有許多工作要做。

For us, specifically in Nigeria for IHS, our fourth quarter 2024 revenue of $259 million decreased 19% year-on-year on a reported basis, reflecting what we've previously discussed, the significant FX headwind year over year and the impact of the new financial terms with MTN Nigeria. This more than offset the 61.5% organic growth, which was driven primarily by FX resets and power indexation.

對於我們來說，特別是對於 IHS 在尼日利亞的業務來說，我們 2024 年第四季度的收入為 2.59 億美元，按報告基礎計算同比下降 19%，這反映了我們之前討論過的情況，即同比顯著的外匯逆風以及與 MTN 尼日利亞的新財務條款的影響。這超過了61.5%的有機成長，該成長主要受到外匯重置和電力指數化推動。

Our colocation rate was down to 1.56 times. That's down from 1.59 times in the fourth quarter of 2023, given we reintegrated 210 towers, and we have 529 tenant churn in the third quarter of 2024 from our smallest key customer in Nigeria, which we were not recognizing revenue on at the time. So lease amendments continue to be an important driver of growth, increasing 3% year-on-year as our customers added additional equipment to our sites.

我們的主機託管率下降到了1.56倍。由於我們重新整合了 210 座塔樓，因此這一數字低於 2023 年第四季度的 1.59 倍，並且我們在尼日利亞最小的關鍵客戶在 2024 年第三季度有 529 名租戶流失，而我們當時尚未確認該客戶的收入。因此，租約修訂繼續成為成長的重要驅動力，由於我們的客戶在我們的站點添加了額外的設備，租約修訂同比增長了 3%。

And the fourth quarter 2024 segment adjusted EBITDA in Nigeria was $155 million. That's a 22.5% decrease from a year ago, while segment adjusted EBITDA margin was down 250 basis points to 59.8%, given the reduction in revenue described and a write-down of inventory in the period as well, partially offset by a reduction in tower repairs, maintenance costs, and diesel costs.

2024 年第四季尼日利亞分部調整後 EBITDA 為 1.55 億美元。這比一年前下降了 22.5%，而分部調整後的 EBITDA 利潤率下降了 250 個基點，至 59.8%，原因是所述收入減少以及期間庫存減記，但部分被塔架維修、維護成本和柴油成本的減少所抵消。

Leaving to our Sub-Saharan African segment, revenue was broadly flat, and segment adjusted EBITDA increased 29.6% year-on-year. This performance was primarily due to lower revenues and lower costs being recognized in South Africa following the unwind of the Power Managed Services agreement with MTN South Africa, which has no impact on segment adjusted EBITDA.

除撒哈拉以南非洲地區外，我們的收入基本持平，分部調整後的 EBITDA 年成長 29.6%。這一業績主要由於與 MTN 南非公司解除電力管理服務協議後，南非市場收入和成本下降，但這對分部調整後 EBITDA 沒有影響。

The performance has further benefited from new colocations, lower regulatory fees, and reduced tower repairs and maintenance costs. And segment adjusted EBITDA margin increased substantially by 1,480 basis points, as a result, to 65.1%.

新的主機託管、更低的監管費用以及減少的塔維修和維護成本進一步提高了業績。分部調整後 EBITDA 利潤率大幅增加 1,480 個基點，至 65.1%。

In our LatAm segment, towers and tenants grew by 7.9% and 7.2%, respectively. Revenue decreased by 18% because of negative FX movements and the reduction in revenue recognition from Oi, given their judicial recovery proceeding early in 2024. In Brazil, our second largest market, with 8,326 towers, macro conditions softened this quarter as the Brazilian real continued to devalue against the dollar, and there were increases in both interest rates and inflation.

在我們的拉丁美洲地區，塔樓和租戶分別成長了 7.9% 和 7.2%。由於外匯波動較大以及 Oi 的司法追償程序於 2024 年初啟動，導致 Oi 的收入確認減少，因此收入減少了 18%。巴西是我們的第二大市場，擁有 8,326 座塔樓。本季度，由於巴西雷亞爾兌美元繼續貶值，且利率和通膨率雙雙上升，宏觀環境變得疲軟。

In terms of LatAm profitability, while segment adjusted EBITDA decreased by 10%, segment adjusted EBITDA margin increased 750 basis points versus the fourth quarter of 2023, which mostly reflects the decrease in revenue, while savings across several cost lines was accreted for margins.

就拉丁美洲地區的獲利能力而言，雖然分部調整後 EBITDA 下降了 10%，但分部調整後 EBITDA 利潤率較 2023 年第四季度增加了 750 個基點，這主要反映了收入的下降，而多個成本項目的節省則增加了利潤率。

And then MENA, as Sam discussed, we completed the disposal of our 70% interest in IHS Kuwait on December 19, 2024, resulting in seven -- excuse me, resulting in 12 fewer days trading in both the fourth quarter of '24 and the full year '24 when comparing to the prior periods. Given the disposal date, as of the end of the year, the entire tower portfolio, tenants, and lease amendments have been deconsolidated. Given our Kuwait disposal and our decision not to commence operations in Egypt, MENA will not be a reportable segment from Q1 2025.

然後是中東和北非，正如 Sam 所討論的，我們於 2024 年 12 月 19 日完成了對 IHS 科威特 70% 股權的處置，導致 7 個 — — 對不起，與前期相比，24 年第四季度和 24 年全年的交易天數都減少了 12 天。考慮到處置日期，截至年底，整個塔組合、租戶和租約修訂均已脫離合併範圍。鑑於我們已出售科威特業務且決定不再在埃及開展業務，因此從 2025 年第一季起，中東和北非地區將不再是可報告的分部。

Slide 17 looks at our returns and capital allocation. In 2024, we continued to focus on driving returns and delivered a return on invested capital of 15.8% versus 14.6% the prior year. Our improved 2024 ROIC reflects our narrowed focus on capital allocation and has benefited from, amongst other things, robust free cash flow generation, the impact of the narrow devaluation, and the disposal of our Kuwaiti operations.

幻燈片 17 展示了我們的回報和資本配置。2024 年，我們繼續專注於提高回報，投資資本回報率達到 15.8%，而前一年為 14.6%。我們 2024 年投資回報率的提高反映了我們對資本配置的關注度有所降低，並受益於強勁的自由現金流產生、貨幣貶值幅度較小以及科威特業務的處置等因素。

In terms of capital allocation, you can see that a significant portion of our spend in FY24 was related to discretionary CapEx outside of new sites, followed by maintenance or non-discretionary CapEx and new site CapEx itself, where we're a leading builder of new sites in Brazil.

在資本配置方面，您可以看到，我們在 24 財年的支出中很大一部分與新站點之外的可自由支配的資本支出有關，其次是維護或非可自由支配的資本支出以及新站點資本支出本身，我們是巴西新站點的領先建設者。

The $130 million discretionary CapEx, excluding new sites, was largely spent on fiber rollout, augmentation for colocation and lease amendments, and some other cost saving initiatives. Discretionary CapEx declined significantly from 2023, given a narrowed focus on capital allocation and given the Project Green investment is now largely complete.

1.3 億美元的可自由支配資本支出（不包括新站點）主要用於光纖鋪設、主機託管和租約修改的擴建以及一些其他成本節約舉措。由於對資本配置的關注度縮小，且綠色專案投資現已基本完成，可自由支配的資本支出從 2023 年開始大幅下降。

Moving to slide 18, and we look at the capital structure and its related items. So at the end of the year, at the end of 2024, we had approximately $3.9 billion of external debt in the IFRS 16 lease liabilities. That's a reduction of approximately $240 million versus the third quarter of 2024. And of the $3.9 billion, approximately $2.2 billion represent our bond financings, including our successful November 2024 $1.2 billion dual tranche senior notes refinancing.

轉到第 18 張投影片，我們來看看資本結構及其相關項目。因此，截至 2024 年底，我們在 IFRS 16 租賃負債中的外部債務約為 39 億美元。與 2024 年第三季相比，減少了約 2.4 億美元。在這 39 億美元中，約有 22 億美元代表我們的債券融資，包括我們於 2024 年 11 月成功的 12 億美元雙層優先票據再融資。

In the other indebtedness line is our new $439 million five-year term loan refinance that we completed in October of 2024. And as Sam mentioned, these refinancings are evidence of a desire to continue to improve the strength and flexibility of our balance sheet, which is a really important component of our strategic review. Through this new term loan in the senior notes, we've extended our 2025, partial '26 and '27 maturities out to 2029, 2030, and 2031.

另一項債務是我們於 2024 年 10 月完成的 4.39 億美元新的五年貸款再融資。正如 Sam 所提到的，這些再融資證明了我們希望繼續提高資產負債表的實力和靈活性，這是我們策略審查的一個非常重要的組成部分。透過優先票據中的這筆新定期貸款，我們將 2025 年、2026 年和 2027 年的部分到期日延長至 2029 年、2030 年和 2031 年。

Also, with the new South African rand tranche of our term loan, it swaps dollar obligations into local currency as we seek to more closely match our debt FX exposure to our current revenue FX profile. And we believe we've managed to achieve this at manageable interest rates versus the previous debt it was replacing.

此外，借助我們定期貸款中新的南非蘭特部分，我們可以將美元債務轉換為當地貨幣，因為我們尋求將我們的債務外匯敞口與我們當前的收入外匯狀況更緊密地匹配。我們相信，與先前取代的債務相比，我們已經以可控的利率實現了這一目標。

Cash and cash equivalents were $578 million at the end of the year, and in terms of where that cash is held, approximately 19% was held in naira at our Nigeria business.

截至年底，現金和現金等價物為 5.78 億美元，就現金持有地點而言，我們尼日利亞業務中約有 19% 以奈拉持有。

And as we mentioned earlier, we've been upstreaming from Nigeria. We upstreamed another $153 million from Nigeria in the fourth quarter, bringing the total from Nigeria to $271 million for 2024 as a whole. While we continue to upstream in 2025, we do caution it remains to be determined if the increased dollar availability will be sustained.

正如我們之前提到的，我們一直在從尼日利亞逆流而上。我們在第四季從奈及利亞又注入了 1.53 億美元，使 2024 年全年來自奈及利亞的資金總額達到 2.71 億美元。儘管我們在 2025 年將繼續向上游發展，但我們確實警告稱，美元供應量的增加是否能夠持續仍有待確定。

Consequently, from all these moving elements at the end of the year, our consolidated net debt was down over $400 million to $3.3 billion. Our consolidated net leverage ratio came down 0.2 times to 3.7 times versus the end of the third quarter of 2024. And as communicated last quarter, we expected leverage to drop following the realization of any disposals, and our 3.7 times net leverage ratio captures the impact of our Kuwait sale in December of 2024. We expect leverage to remain within our target 3 to 4 times net leverage ratio in 2025, but continuing to drop organically during the year, supplemented by any further disposals.

因此，受所有這些變動因素的影響，到年底，我們的合併淨債務減少了 4 億多美元，降至 33 億美元。與 2024 年第三季末相比，我們的合併淨槓桿率下降了 0.2 倍，至 3.7 倍。正如上個季度所傳達的那樣，我們預計槓桿率在任何處置實現後都會下降，而我們 3.7 倍的淨槓桿率反映了 2024 年 12 月科威特出售的影響。我們預計，到 2025 年，槓桿率將保持在目標 3 至 4 倍的淨槓桿率範圍內，但在年內將繼續有機下降，並透過任何進一步的資產處置實現補充。

Moving to slide 19. We're introducing 2025 guidance that shows further growth in our revenues when excluding the impact of the Kuwait disposal, growth in adjusted EBITDA, and also growth in ALFCF. It includes revenue in the range of $1.68 billion to $1.71 billion, implying organic growth of 12% year-on-year at the midpoint of the range; adjusted EBITDA in the range of $960 million to $980 million, implying 4% growth at the midpoint; ALFCF in the range of $350 million to $370 million, implying 18% growth at the midpoint; and total CapEx in the range of $260 million to $290 million.

移至投影片 19。我們推出了 2025 年指引，顯示排除科威特處置的影響時我們的營收將進一步成長、調整後 EBITDA 的成長以及 ALFCF 的成長。其中包括 16.8 億美元至 17.1 億美元範圍內的收入，這意味著該範圍的中間值同比增長 12%；調整後的 EBITDA 在 9.6 億美元至 9.8 億美元之間，中間值意味著增長 4%；ALFCF 在 3.5 億至 3.7 億美元之間，中間值意味著增長 4%；ALFCF 在 3.5 億至 3.7 億美元之間，中間值意味著增長 4%；

So a few points I'd like to make here. And number one, although it might be obvious, our 2025 guidance excludes any contribution from Kuwait after its disposal at the end of 2024. And as a reminder, the MENA segment revenue in 2024 was $45 million. Secondly, I'll speak more about FX in a moment, but we include assumptions of continuing devaluation in the naira, albeit much more moderate than what we saw in 2024. And thirdly, our 2025 guidance includes the impact from the approximate 1,000 sites that were not renewed as part of the agreement with MTN Nigeria back in August of 2024.

在此我想談幾點。第一，雖然這可能很明顯，但我們 2025 年的指引不包括科威特在 2024 年底處置後的任何貢獻。提醒一下，2024 年中東和北非地區分部的收入為 4,500 萬美元。其次，我稍後會更多地談論外匯，但我們假設奈拉將繼續貶值，儘管比 2024 年看到的貶值要溫和得多。第三，我們的 2025 年指引包括了 2024 年 8 月與 MTN 尼日利亞達成的協議中未續約的約 1,000 個站點的影響。

With regards to CapEx, we anticipate to spend between $260 million and $290 million. That's in line with our strategic priority of taking a narrow approach to capital deployment and improving our cash flow generation. This CapEx range, which includes a reduced BTS guidance versus previous years, is broadly in line with what we spent in 2024, and we believe enables us to still uphold our goal of maintaining double digit organic revenue growth in 2025. For the year, we expect to build approximately 500 towers, including approximately 400 in Brazil.

關於資本支出，我們預計支出 2.6 億至 2.9 億美元。這符合我們採取狹隘的資本配置方式和提高現金流所產生的策略重點。此資本支出範圍包括與前幾年相比降低的 BTS 指導，與我們 2024 年的支出大致一致，我們相信這使我們能夠仍然堅持在 2025 年保持兩位數有機收入增長的目標。我們預計今年將建造約 500 座塔，其中約 400 座在巴西。

We continue to recognize the importance of maintaining a strong balance sheet and reiterate our net leverage target of 3 to 4 times, albeit we expect to be within the bottom half of the range by year end. That's driven by adjusted EBITDA growth and higher cash flow generation. Disposals will supplement this deleveraging as and when they complete.

我們繼續認識到維持強勁資產負債表的重要性，並重申我們的淨槓桿率目標為 3 至 4 倍，儘管我們預計到年底將處於該範圍的下半部分。這是由調整後的 EBITDA 成長和更高的現金流產生推動的。一旦完成處置，將對去槓桿起到補充作用。

As I said, our guidance also reflects an expected significant increase in ALFCF in 2025, driven by adjusted EBITDA growth, narrowed capital allocation, and lower withholding tax in Nigeria after the rate was reduced from 10% to 2% effective at the start of 2025.

正如我所說，我們的指引也反映了 2025 年 ALFCF 預期大幅成長，這得益於調整後的 EBITDA 成長、資本配置收窄以及奈及利亞預扣稅降低（自 2025 年初起稅率從 10% 降至 2%）。

The bottom of the slide shows the average annual FX rate assumptions we've used in our 2025 guidance. For the year, we're assuming an average rate of NGN1,640 to the US dollar, which includes NGN1,525 to the dollar in Q1, and then devaluation through the year to NGN1,785 to the dollar by year end.

投影片底部顯示了我們在 2025 年指引中使用的平均年匯率假設。我們假設今年的平均匯率為 1,640 奈拉兌 1 美元，其中第一季為 1,525 奈拉兌 1 美元，然後全年貶值至年底的 1,785 奈拉兌 1 美元。

And finally, on slide 20, we provide the estimated full-year financial impact of a theoretical 10% devaluation or appreciation in the naira and how that would impact our financials. While our 2025 guidance already assumes an annual average of NGN1,640 to the dollar for the full year, here, we've shown the impact of the 10% movement beyond what we've already assumed in guidance. The figures in the middle of the page, including the approximate $35 million to $40 million and $20 million to $25 million impact to revenue and adjusted EBITDA, respectively, provide a sense of what the 12-month run rate impact would be using our 2025 expectations.

最後，在投影片 20 上，我們提供了奈拉理論上貶值或升值 10% 對全年財務造成的預期影響，以及這將如何影響我們的財務狀況。雖然我們的 2025 年指引已經假設全年平均匯率為 1,640 奈拉兌 1 美元，但在這裡，我們展示了 10% 變動的影響，超出了我們在指引中已經假設的範圍。該頁面中間的數字，包括對收入和調整後 EBITDA 分別約 3500 萬至 4000 萬美元和 2000 萬至 2500 萬美元的影響，根據我們對 2025 年的預期，可以了解 12 個月的運行率影響。

You'll see on the right side of the illustration in the middle of the page excludes an incremental approximately $15 million that could impact in the quarter of devaluation actually occurring, assuming the devaluation was to occur at the beginning of the quarter. Yeah, that represents the maximum lag that could occur between devaluation and when most of our FX resets would start to kick in at the beginning of the next quarter. And as a reminder, the vast majority of our resets are quarterly.

您會看到，在頁面中間圖表的右側，排除了大約 1500 萬美元的增量，該增量可能會對實際發生的貶值季度產生影響（假設貶值發生在本季度初）。是的，這代表了貶值和大多數外匯重置在下個季度初開始生效之間可能出現的最大滯後。提醒一下，我們的絕大多數重置都是每季進行一次。

This now brings us to the end of our formal presentation. We thank you for your time today, and operator, please now open the line for questions.

我們的正式演講到此結束。非常感謝您今天的寶貴時間，接線員，請現在打開熱線來回答您的問題。

(Operator Instructions) Richard Choe, JP Morgan.

(操作員指示) Richard Choe，摩根大通。

I wanted to get an update on the Airtel new tenancies in Nigeria, how that's going so far. And how much of that is planned for this year?

我想了解 Airtel 在尼日利亞的新租約的最新進展。今年的計劃是多少？

Richard, good to hear from you. So yeah, the Airtel contract is progressing. We've got quite a bit done in the second half of 2024 and that -- then a lot of that comes through in 2025 and 2026. So we haven't kind of given specific guidance around numbers, but that contract is flowing nicely, and as a reminder, most of that is colocation and 5G lease amendments. There is a little bit of BTS, a handful of sites in 2025 and 2026, but most of it is colocation, lease amendments.

理查德，很高興收到你的來信。是的，Airtel 合約正在取得進展。我們在 2024 年下半年已經完成了許多工作，其中許多將在 2025 年和 2026 年完成。因此，我們還沒有給出有關數字的具體指導，但該合約進展順利，提醒一下，其中大部分是主機託管和 5G 租賃修正案。有少量的 BTS，2025 年和 2026 年有少數幾個站點，但大多數是主機託管、租約修訂。

Great. And then in talking about the potential for stock buybacks and dividends, is there a preference? And how should we think about the timing of that evolving this year?

偉大的。然後在談論股票回購和股利的潛力時，是否有偏好？那我們該如何看待今年這段演變時機呢？

Yeah. I mean, I think that that continues to be under valuation. And what we said for a little while is that we're in the process of disposing of $500 million to $1 billion of assets that's ongoing, and that's the first target. We want to get that done. Kuwait disposal was obviously a first step along that path and more work to do there.

是的。我的意思是，我認為其估值仍然偏低。我們剛才說過，我們正在處置 5 億到 10 億美元的資產，這是第一個目標。我們想完成這件事。科威特的處置顯然是沿著這條道路邁出的第一步，還有更多的工作要做。

And then once we've got a bit further into that disposal program, then we'll look to reassess that option. We've said that the first amount will primarily be reduced to reducing debt, and that remains the case, but then we are obviously starting to think through what a share buyback and dividend program could look like. As a reminder, we did -- we have had a small share buyback program in place. We didn't utilize it for most of 2024, given we were under the strategic review. So there is a history of doing that, but there's no real preference at this point between those eventual capital allocation decisions between share buyback and dividends. We'll evaluate that over the coming months and quarters.

然後，一旦我們進一步了解該處置計劃，我們就會重新評估該選項。我們已經說過，第一筆金額將主要用於減少債務，現在情況仍然如此，但隨後我們顯然開始思考股票回購和股息計劃應該是什麼樣子。提醒一下，我們確實實施了小規模股票回購計畫。由於我們正處於策略審查之中，因此在 2024 年的大部分時間裡我們都沒有使用它。因此，我們有這樣做的歷史，但目前在股票回購和股利之間的最終資本配置決策中，並沒有真正的偏好。我們將在未來幾個月和幾個季度對此進行評估。

Hi, this is Sam. I do want to add something on the first question that you had on Airtel in Nigeria. Look, last year was a very tough year for everyone, but as we're seeing now Nigeria firing back, helped by the fact that -- maybe not bad or affected by the US tariffs, new tariff policies. Its currency has increased by 7% since the November elections. It's probably the top performing currency in the world at the moment. Stock markets in Nigeria are delivering 4% growth in dollar terms since the beginning of this year, better than many bigger markets. Inflation is subsiding.

你好，我是山姆。我確實想就您關於尼日利亞 Airtel 的第一個問題補充一些內容。看看吧，去年對每個人來說都是非常艱難的一年，但正如我們現在所看到的，尼日利亞正在奮起反擊，這也許並不是一件壞事，也不會受到美國關稅和新關稅政策的影響。自去年11月大選以來，其貨幣已升值7%。它可能是目前世界上表現最好的貨幣。自今年年初以來，奈及利亞股市以美元計算成長了 4%，比許多大型市場好。通貨膨脹正在消退。

So we've seen the carriers beginning to be more bullish about their CapEx plan. Both carriers, big carriers have announced that. So we are extremely bullish about Nigeria at the moment about the rollout of both MTN and Airtel and others, and you can see that in our numbers and in our guidance.

因此，我們看到營運商開始對其資本支出計劃更加樂觀。兩家營運商以及大型營運商均已宣布了這一消息。因此，我們目前對尼日利亞 MTN、Airtel 和其他公司的推出非常看好，您可以從我們的數據和指導中看到這一點。

One follow-up with that, Sam, do you expect the carriers because of the new tariffs to implement network spending this year that will help IHS? Or is that more of a 2026 event?

接下來的問題是，Sam，您是否預計營運商會因為新的關稅在今年實施網路支出，從而對 IHS 有所幫助？或者這更像是 2026 年的事件？

Sorry, the what? I didn't get the question.

抱歉，什麼？我沒聽懂問題。

Well, the spending from the new tariffs by MTN and they're telling a lot of carriers, do you think that's an impact for 2025 or more for 2026?

那麼，MTN 的新資費支出以及他們告訴很多運營商，您認為這會對 2025 年或 2026 年產生影響嗎？

I believe it will be partly in 2025. It has to be partly in 2025 because several of -- they have service, quality of service and rollout, soft rollout obligations in my view. It wasn't really published, but I do believe that the government would like to see better quality of service, better rollout in certain areas, especially rural areas. So I do think -- it's not crystal clear at the moment, but I do think that we will see a positive impact this year also.

我認為到 2025 年將會實現部分實現。部分時間必須在 2025 年，因為在我看來，他們有服務、服務品質和推出、軟推出義務。雖然它並沒有真正公佈，但我相信政府希望看到更好的服務質量，以及在某些地區，特別是農村地區更好的推廣。所以我確實認為——目前還不太清楚，但我確實認為今年我們也會看到正面的影響。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施奈德。

Just on the strategic review, you've obviously made very good progress on some of the portfolio optimization activities already. You're already within the high end maybe of your target leverage range. So maybe could you characterize how much more is there to go in terms of portfolio optimization? Are we more than halfway done here or we're even closer to the end of that process?

僅在策略評估上，您顯然已經在一些投資組合優化活動上取得了非常好的進展。您可能已經處於目標槓桿範圍的高端。那麼您能否描述一下投資組合優化方面還有多少工作要做？我們是否已經完成了一半以上，或者我們已經接近這個過程的結束？

And then maybe, you've been very clear about your desire to do either share backs and/or dividend policy, but you maybe talk about your appetite for incremental acquisitions of assets to maybe bolster your portfolio in areas where you already have a lot of scale?

然後也許，你已經非常清楚地表達了你想要回購股票和/或股息政策的願望，但你也許會談論你對增量資產收購的興趣，以便在你已經擁有很大規模的領域增強你的投資組合？

Jim, thanks for the question. So in terms of the first part, we've been pretty public and pretty consistent since May of last year that we were targeting $500 million to $1 billion of asset disposals. We've done one around $230 million for Kuwait, so that indicates we're not done yet. We've managed to get through a significant amount of work and lots of progress in other areas as well last week. As you heard Sam talk about in the earnings quarter on the commercial side, the operational side, specifically in relation to balance sheet, yes, we're now starting to see all of that cash flow generation and disposals come to fruition in reducing debt, reducing leverage. We're down at 3.7 times now.

吉姆，謝謝你的提問。因此就第一部分而言，自去年 5 月以來，我們一直非常公開且一致地表示，我們的目標是 5 億至 10 億美元的資產處置。我們已經為科威特完成了約 2.3 億美元的援助，這表明我們還沒有完成。上週我們完成了大量工作並在其他領域也取得了很大進展。正如你聽到 Sam 在收益季度中談到的商業方面、營運方面，特別是與資產負債表相關的方面，是的，我們現在開始看到所有這些現金流的產生和處置都有助於減少債務、降低槓桿率。我們現在下降了 3.7 倍。

And I just make clear again, reiterate, our target range is 3 to 4 times leverage, but we do expect to be in the bottom half of that range by the end of 2025. That's without any further disposals. So obviously, one would assume that future disposals would supplement that positively as well. So that's kind of where we are on that on that piece.

我再次明確重申，我們的目標範圍是 3 到 4 倍槓桿率，但我們預計到 2025 年底將處於該範圍的下半部分。無需任何進一步處置。因此顯然人們會認為未來的處置也會對此有正面的補充作用。這就是我們在那個部分所處的階段。

In relation to wider capital allocation decisions, acquisitions are not on the agenda at this point in time. We're very focused on increasing cash flow generation, utilizing that cash for debt pay down, and add more focus around potential share buybacks and dividends in due course before we think again about acquisitions. But as we've said, we'd keep evaluating that through the course of the year.

就更廣泛的資本配置決策而言，收購目前還不在議程上。我們非常注重增加現金流，利用現金償還債務，並在再次考慮收購之前，適時更加關注潛在的股票回購和股息。但正如我們所說的，我們會在全年持續評估這一點。

We're very pleased with where things have come operationally in the business and also macroeconomically starting to look better and better in a variety of markets. So we'll keep that under evaluation. But yeah, M&A is probably at the end of the queue at the moment.

我們對業務運營方面的進展感到非常滿意，並且從宏觀經濟角度來看，各個市場的狀況也開始越來越好。因此我們會繼續評估這一點。不過是的，目前併購可能排在隊伍的最後。

Helpful. Thanks. And then in the answer to the prior question, Sam, I think you referenced the desire for MTN and other series in Nigeria maybe start increasing CapEx spending as early as the end of this year and into next year. Can you maybe talk about maybe the one or two other markets where you see the most positive macro indicators and specific signals from carriers outside Nigeria, where they might start to increase CapEx?

很有幫助。謝謝。然後在回答前面的問題時，山姆，我想你提到了對 MTN 和尼日利亞其他系列的渴望，可能最早在今年年底和明年就開始增加資本支出。能否談談其他一兩個市場？在這些市場中，您看到了最積極的宏觀指標，以及來自尼日利亞以外營運商的具體訊號，他們可能會開始增加資本支出？

Yeah, I'll say that -- Sam, you can jump in as well. We're continuing to see decent momentum across a variety of our African markets. They don't add up to as much as a big market like Nigeria, but we're continuing to see positive momentum, the Francophone markets, Cameroon Cote d'Ivoire, with leasing activity, be it communication and the want for new build sites, et cetera. So there's plenty going on in Francophone Africa.

是的，我會這麼說──山姆，你也可以加入。我們繼續看到非洲各市場呈現良好的發展動能。它們的總和不及尼日利亞這樣的大市場，但我們繼續看到積極的勢頭，法語市場、喀麥隆、科特迪瓦的租賃活動不斷增加，無論是通訊還是對新建工地的需求，等等。法語非洲地區發生了很多事情。

South Africa continues to sort of add incrementally. And even Brazil, Brazil's had a bit more macroeconomic softness in the last quarter or two. But even there, we're seeing some fundamental dynamics have shifted in the last 6 to 12 months in that market, which, hopefully, lead to a much more positive near-term outlook.

南非繼續以逐步的方式增加。即使是巴西，巴西的宏觀經濟在過去一、兩個季度也略顯疲軟。但即便如此，我們也看到過去 6 到 12 個月該市場的一些基本動態發生了變化，希望這能帶來更積極的短期前景。

We've been going through our workings with Oi and as some of the others (inaudible) as well, and that's kind of coming to a conclusion now. And what we're seeing is, plenty of the carriers are looking at substantial 5G rollout. So although Brazil and LatAm has been a bit softer imports, we can see where it could go, and it's a positive longer-term picture. Sam, if you want to add anything.

我們一直在與 Oi 以及其他一些人（聽不清楚）討論合作事宜，現在差不多要得出結論了。我們看到，很多業者都在考慮大規模推出 5G。因此，儘管巴西和拉丁美洲的進口量略有下降，但我們可以看到其未來的趨勢，從長期來看這是一個積極的前景。山姆，如果你想補充什麼。

I think just to reiterate that we really believe Africa could be a direct beneficiary of the impending tariff wars that we're seeing happening between more markets that are integrated with the US economy because largely, Africa is not integrated in terms of manufacturing or other large kind of like economic sectors, so we're seeing that -- we're seeing the impact of many of these policies that have -- or many of the issues that we've seen, the macro issues that we've seen kind of like coming back out of it. So we're extremely bullish, and we believe the carriers will indeed increase their CapEx. The recent announcement indicated they are more bullish. It's beginning to increase, so we expect to see much more in the coming few months.

我想重申的是，我們確實相信非洲可以直接受益於即將到來的關稅戰，我們看到這場關稅戰發生在更多與美國經濟融合的市場之間，因為很大程度上，非洲在製造業或其他大型經濟部門方面尚未一體化，所以我們看到——我們看到許多這些政策的影響——或者我們看到的許多問題，我們所看到的宏觀問題，就像是從中衍生出來的。因此，我們非常看好，我們相信營運商確實會增加其資本支出。最近的公告顯示他們更加樂觀。它開始增加，所以我們預計在未來幾個月會看到更多。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

So first, thank you for adding into the revenue bridge the constant currency presentation disclosures. I'm curious if you could share those constant currency performance metrics by region for 2024 and compare what those expectations are within the guidance by segment for 2025.

首先，感謝您將恆定貨幣列報揭露加入收入橋中。我很好奇，您是否可以分享 2024 年各地區的固定貨幣表現指標，並比較一下 2025 年各細分市場的預期與指導值。

Hi, Mike. Well, you're welcome. I know it's something that you're after, so we have the (inaudible) disclosures. I also know, you like more and more. We haven't put it in in terms of the forward-looking guidance for the year. That's something that we can maybe think through for future periods. But hopefully, it's helpful for people to see if we break down the various components of our growth, there's obviously quite a lot of moving parts, especially given we have FX resets and the impact of FX, given our emerging market currency exposures. So we try to simplify all that.

你好，麥克。好吧，別客氣。我知道這是你所追求的，所以我們有（聽不清楚）披露。我也知道，你越來越喜歡了。我們還沒有把它納入年度前瞻性指引中。這是我們未來可以仔細思考的事情。但希望這對人們有所幫助，如果我們分解成長的各個組成部分，顯然會有很多變動的部分，特別是考慮到我們有外匯重置和外匯的影響，考慮到我們的新興市場貨幣敞口。因此我們嘗試簡化這一切。

It doesn't actually change the fundamental presentation of what we've shown to people before in the revenue bridges, but obviously, it just compartmentalizes elements stripping out that FX. So we haven't given it for forward-looking. Let us think through that as to whether that's something we could add in future. I don't see why not.

它實際上並沒有改變我們之前在收入橋樑中向人們展示的基本呈現方式，但顯然，它只是將元素分隔開來，剝離了 FX。因此我們還沒有給出前瞻性的資訊。讓我們仔細考慮是否可以在將來添加此功能。我不明白為什麼不行。

And maybe then, just in the aggregate level, so if you look at what's implied in that 12% at the midpoint, are there some indications that you can give us on like how much is coming from colocation and these amendments in aggregate for the portfolio versus your escalators or other components of the bridge, just to center around where the growth is coming from for the business in '25 as it would compare to full year '24?

那麼，也許只是在總體層面上，所以如果你看一下中間點 12% 所隱含的內容，是否有一些跡象表明你可以給我們提供一些信息，比如來自主機託管和這些修訂的總額對投資組合而言與您的自動扶梯或橋樑的其他組成部分相比，只是圍繞 25 年業務的增長來自哪裡，與 24 年全年相比？

Yeah, so if you look on our presentation on slide 12, you see the FY24 bridge, and we just use that as a guide. So CPI for '25 will be a little bit down, not too much down, but a little bit down versus that as we see inflation rates moderating. And new sites roughly similar colocation will be up versus that new lease amendments. And fiber, similar, maybe a little bit less. But certainly, new colocations up, and then other is really sort of the noise, and that will be next to zero at this point in time. And that's really 2023 items that are flushing out in the comparable.

是的，如果您看第 12 張幻燈片上的演示文稿，您會看到 FY24 橋樑，我們只是將其用作指南。因此，2025 年的 CPI 將會略有下降，但不會下降太多，而是會略有下降，因為我們看到通膨率正在緩和。而大致類似的主機託管的新站點將與新的租約修正案相抵觸。和纖維類似，但可能稍微少一點。但可以肯定的是，新的共置設施出現，然後其他的確實是一種噪音，而在這個時間點，這個數字將接近零。這實際上是 2023 年在可比性中脫穎而出的項目。

So yeah, not too dissimilar, but a bit more focused on colocations is what we are forecasting and seeing in the markets.

是的，沒有太大的不同，但是我們在市場上預測和看到的是更加關注主機託管。

Great. And I apologize if I missed this in the commentary. On slide 19, the CapEx range of $260 million to $290 million, how much of that is recurring CapEx that's included in the ALFCF definition? And how much of that is (inaudible) CapEx?

偉大的。如果我在評論中遺漏了這一點，我深感抱歉。在投影片 19 上，資本支出範圍為 2.6 億美元至 2.9 億美元，其中有多少是 ALFCF 定義中包含的經常性資本支出？其中（聽不清楚）資本支出有多少？

Yeah, it's about a third -- about a third of that CapEx is maintenance, which gets you to sort of within sort of ranges midpoints about $85 million to $90 million of maintenance CapEx. And if you remember from the end of last year, we've been guiding sort of $24 million to $25 million per quarter of maintenance CapEx we've obviously disposed of the business. And some other work we've been doing, so we're trending a little bit lower than that, about $22 million to $23 million a quarter at this point in time for maintenance CapEx.

是的，大約三分之一 — — 大約三分之一的資本支出是維護費用，這使得維護資本支出處於大約 8500 萬美元到 9000 萬美元的中間範圍內。如果你還記得的話，從去年年底開始，我們一直指導每季 2,400 萬至 2,500 萬美元的維護資本支出，顯然我們已經處理了這項業務。我們也一直在做一些其他工作，因此我們的趨勢略低一些，目前維護資本支出約為每季 2,200 萬至 2,300 萬美元。

It's just the last question. As you think about your different markets, industry structure, possible consolidations, is there anything that you want to flag for us that's left in terms of possible churn in the business over the next few years that we all should be mindful of?

這只是最後一個問題。當您考慮不同的市場、行業結構和可能的整合時，您是否想要向我們指出未來幾年內可能出現的業務變動，並且我們都應該注意什麼？

Well, I think everybody's aware of the MTN Nigeria piece, which is playing out through the course of 2025, and that was well signposted last year. But other than that, no, we're not seeing anything else. We're seeing positive leasing trend across all major markets. So yeah, more of a positive picture, to be honest.

嗯，我想大家都知道 MTN 尼日利亞項目，該項目將在 2025 年展開，去年就已經有了明確的指示。但除此之外，我們沒有看到任何其他東西。我們看到所有主要市場的租賃趨勢都呈現正態勢。是的，說實話，這更像是一幅正面的畫面。

Mike, and at the moment, all our contracts are renewed into the 2030s. At the moment, we've got more than $12 billion or $13 billion, Steve, of contracted revenue. Plus, our exposure to Oi in Brazil at the moment is less than 1%, if any, so we feel extremely confident and comfortable with where we stand.

麥克，目前，我們所有的合約都已續約至 2030 年。史蒂夫，目前，我們的合約收入已超過 120 億美元或 130 億美元。此外，目前我們對巴西 Oi 的投資還不到 1%，因此我們對自己的現狀非常有信心和信心。

Gustavo Campos, Jefferies.

傑富瑞的古斯塔沃‧坎波斯 (Gustavo Campos)。

Congratulations on the results. My first question is, again, sorry to follow up on the asset disposals. I just wanted some confirmation if you are still going to adhere to your previous $0.5 billion to $1 billion target for asset sales. And as far as your portfolio selection for these asset sales, what will be the broader criteria? Any specific geographies or types of assets that you are targeting here? Any color on that would be very helpful. That's my first question.

恭喜你所取得的成果。我的第一個問題是，很抱歉再次跟進資產處置的問題。我只是想確認一下，您是否仍將堅持之前的 5 億美元至 10 億美元的資產銷售目標。就這些資產銷售的投資組合選擇而言，更廣泛的標準是什麼？您在此針對的是哪些特定的地區或資產類型？任何顏色都會非常有幫助。這是我的第一個問題。

So yes, the $500 million to $1 billion range is still the target, so that's very straightforward. We're working hard on that.

所以是的，5 億到 10 億美元仍然是目標，所以這非常簡單。我們正在努力做到這一點。

And in terms of portfolio selection or market selection, we've also said historically that it could include things like minority states, for example. So we weren't sort of ruling out a number of different value realization opportunities. We haven't been specific on markets. Clearly, we're looking to highlight the value of IHS versus share price performance. So we are looking at a number of different opportunities, and we'll keep people updated. We don't want to be negotiating these transactions in the public domain, so you'd appreciate we're not going to get too much information on live discussions.

在投資組合選擇或市場選擇方面，我們從歷史上也說過，它可能包括少數民族國家等。因此，我們並沒有排除許多不同的價值實現機會。我們還沒有具體說明市場情況。顯然，我們希望強調 IHS 的價值與股價表現。因此，我們正在尋找許多不同的機會，並會隨時向大家通報最新情況。我們不想在公共領域協商這些交易，因此請注意我們不會在現場討論中獲得太多資訊。

If I may add also, Gustavo, that at the end of the day, the reason we are conducting this strategic review is that we believe that we remain undervalued. We have sold a couple of asset portfolios at almost, what, 3 times the multiples we are given by the public markets. I mean, Kuwait sold for [14.2]. But at the moment, at roughly [5] more or less, so we believe that is an important thing that I want to put out there. Nigeria is coming back. Things are changing, and that's why I think it's very important to stay current and keep recalibrating our review, taking into account all the new realities that we are seeing.

古斯塔沃，我還要補充一點，歸根結底，我們進行這次策略審查的原因是我們認為我們仍然被低估了。我們已經出售了幾個資產組合，其估值幾乎是公開市場估值的三倍。我的意思是，科威特賣了[14.2]。但目前，這個數字大概是[5]左右，所以我們認為這是我想說的一件重要的事情。尼日利亞正在捲土重來。事情正在不斷變化，因此我認為保持最新狀態並不斷調整我們的審查、考慮到我們看到的所有新現實非常重要。

Understood. Yeah.

明白了。是的。

Also, if I may add, our performance in terms of cash flow generation has materially improved in the last year as we are introducing new ways, new operating methods, new operating procedures, many of which are using artificial intelligence in the way we distribute dividend and the way we plan our operations on site. And this has had a very positive impact on our cash flow generation. So we're comfortable where things are at the moment, but yes, to Steve's point, we are continuing with what we have promised to [market].

另外，如果我可以補充一點的話，由於我們引入了新的方式、新的運營方法、新的運營程序，我們在現金流產生方面的表現在去年有了實質性的改善，其中許多都使用人工智能來分配股息和規劃我們現場的運營方式。這對我們的現金流產生了非常正面的影響。所以我們對目前的情況很滿意，但正如史蒂夫所說，我們將繼續履行我們的承諾[市場]。

Understood, yes. That is very clear. And if you mind, if I just clarify here, is this $0.5 billion to $1 billion target, is this enterprise value? Or is this like a consideration that you are targeting to receive?

明白，是的。這是非常清楚的。如果你介意的話，我在這裡澄清一下，這個 5 億美元到 10 億美元的目標是企業價值嗎？或者這就像您想要得到的考慮？

Yeah, proceeds to receive.

是啊，繼續接收。

Okay, yeah. My second question would be around, you were expecting to generate more positive cash flow and potentially like deleverage more to the bottom half of your target, as you mentioned. Would you have, by chance, like a total debt target that you are expecting to be by the end of the year? And as far as -- is there like -- are you expecting to like have a tender offer on your bonds, any specific maturities or part of your capital structure that you're planning to target?

好的，是的。我的第二個問題是，正如您所說，您是否期望產生更多的正現金流，並可能將槓桿率進一步降低至目標的下半部分。您預計今年底的總債務目標會是多少嗎？就您計劃針對的債券、特定期限或部分資本結構進行投標報價而言，您是否預計會收到投標報價？

No specific debt number in mind other than making sure that the leverage is down. That will obviously depend a little bit on the activity through the course of the year, including potential future M&A disposals, as we've discussed. But we've been clear we want to get the leverage down to the bottom end of our target range. So that's the goal.

除了確保槓桿率下降之外，不需要考慮具體的債務數字。正如我們所討論的，這顯然在一定程度上取決於全年的活動，包括潛在的未來併購處置。但我們明確表示，我們希望將槓桿率降至目標範圍的底端。這就是我們的目標。

In terms of where excess cash gets utilized, obviously, bonds are a significant part of our capital structure. I obviously wouldn't want to say anything to do with tender offers or anything like that, but there's a number of bonds that are either in cool periods or coming into cool periods, which is obviously an important consideration. We also have other debt in the structure outside of the bonds, which we could consider utilizing excess cash for. So we have a number of different options available to us to utilize cash as it comes through to us.

就多餘現金的用途而言，債券顯然是我們資本結構的重要組成部分。我顯然不想談論任何與要約收購或類似的事情，但有許多債券要么處於冷淡期，要么即將進入冷淡期，這顯然是一個重要的考慮因素。除了債券之外，我們的結構中還有其他債務，我們可以考慮利用多餘的現金來償還。所以，當我們收到現金時，有許多不同的利用方式可供選擇。

That is very clear and very helpful. And my last question would be on working capital. We saw around $200 million in receivables outflows in fiscal year 2024, although there was like a material improvement in the fourth quarter. What are your expectations for 2025? Should we see like similar outflow pressure? Or are you expecting an improvement with -- given your updates on your commercial agreements, et cetera? That's my last question.

這非常清楚並且非常有幫助。我的最後一個問題是關於營運資金。2024 財年的應收帳款流出約為 2 億美元，儘管第四季情況有所改善。您對 2025 年有何期望？我們應該看到類似的流出壓力嗎？或者您期待情況會有所改善—考慮到您對商業協議等的更新？這是我的最後一個問題。

Yeah, so as you pointed out, so there's significant -- excuse me, improvement in Q4 with a pretty material work capital inflow in quarter four, which has reversed the trend. So the outflows have been slowing through the course of 2024 and then now back in positive territory in Q4. So I expect some continued momentum in that early part of the year, and we're not forecasting particular working capital outflows in 2025 at all. There'll always be a little bit of movement between the quarters, but from a total 2025 perspective, no working capital outflow forecast.

是的，正如您所指出的，第四季度的情況有了顯著改善，第四季度的物質營運資本流入相當可觀，扭轉了這一趨勢。因此，2024 年全年資金流出速度一直在放緩，然後在第四季又回到正值區域。因此，我預計今年年初這一勢頭將持續下去，而且我們根本沒有預測 2025 年會出現特定的營運資本流出。各季度之間總是會有一些變動，但從 2025 年整體來看，沒有營運資本流出預測。

Okay. So just to clarify, your expectations to be roughly working capital neutral in 2025?

好的。所以需要澄清的是，您預計 2025 年營運資本將大致保持中立嗎？

Yeah, flat to positive. Yeah.

是的，持平至正值。是的。

All right. Thank you very much, and congrats again.

好的。非常感謝，再次恭喜。

Stella Cridge, Barclays.

巴克萊銀行的斯特拉·里奇 (Stella Ridge)。

I wonder if I could just ask about Rwanda. So you were touching before on some of the outlook for some of your markets. I mean, after these recent developments in DRC has been a little bit of political pressure on Rwanda. I was just wondering if there's anything you are monitoring there in terms of risk to the business, perhaps around currency or upstreaming or anything that would be relevant for you. That would be great.

我想知道我是否可以問一下有關盧安達的問題。您之前曾談到一些市場的前景。我的意思是，剛果民主共和國最近發生的這些事態發展給盧安達帶來了一些政治壓力。我只是想知道，在業務風險方面，您是否在監控任何內容，也許是有關貨幣或上游或任何與您相關的內容。那太棒了。

Hi, Stella. No, nothing too untoward, to be honest. Obviously, we're monitoring that. That is sort of a geopolitical situation, but no impact on our business either operationally, financially, from an FX perspective, et cetera. So no, really. Watching, but no, nothing untoward, no impact on the business.

你好，史黛拉。不，說實話，沒有什麼太不愉快的事。顯然，我們正在監視這一點。這有點像地緣政治局勢，但對我們的業務（無論是營運、財務、外匯角度等）都沒有影響。所以事實並非如此。觀看，但沒有，沒有什麼不妥，對業務也沒有影響。

Thank you. That brings us to the end of the IHS Holding Limited fourth quarter and full year 2024 earnings results call. Should you have any questions, please contact the Investor Relations team by the email address, investorrelations@ihstowers.com. The management team thank you for your participant today and wish you a good day. Thank you.

謝謝。這就結束了 IHS Holding Limited 2024 年第四季和全年收益業績電話會議。如有任何疑問，請透過電子郵件地址 investorrelations@ihstowers.com 聯絡投資者關係團隊。管理團隊感謝您今天的參與並祝您有美好的一天。謝謝。